Dauphin County Retirement Fund, Harrisburg, Pa., terminated Jensen Investment Management from its $11 million active domestic large-cap equity portfolio.
The $465 million pension fund’s board approved the termination at its June 5 meeting, recently released meeting minutes show.
Assets were reallocated to the pension fund’s existing investment in the Vanguard Total Stock Market Index ETF, a passive domestic equity exchange-traded fund managed by Vanguard Group, increasing that investment to about $222 million and making it the pension fund’s sole investment in domestic equities.
As of March 31, the actual allocation to domestic equities was 47.7%.
According to the minutes, investment consultant PFM Asset Management recommended the termination of Jensen from its Quality Growth strategy because it is more of a defensive strategy and has underperformed during strong markets.
A spokesperson for Jensen Investment Management declined to comment.
